第一上海发布研报称，维持申洲国际(02313)"买入"评级，目标价79.80港元。纵使运动品牌和宏观表现 波动，申洲依然能取得领先的业绩表现。展望未来，该行预计集团能维持良好的增长态势并预计毛利率 会逐步提升。该行继续看好公司作为行业龙头的发展，其优秀的管理执行和产品创新能力，垂直一体 化、海内外均衡的布局具有不可替代的优势。 第一上海主要观点如下： 2025年上半年业绩概况 公司收入同比增长15.3%至149.7亿元人民币(同下)。量价拆分来看，量是主要的增长动力，价格(美元 计)约下跌0.8%，(人民币计)是有轻微提升。毛利率下跌1.9pct至27.1%，主要受员工薪酬于去年下半年 有所提升的影响。经营费用率减少0.3pct到9.1%。公司录得归母净利润增长8.4%到31.8亿元。总体收入 增长超预期。拟派中期股息1.38港币;派息维持稳定在60%。 运动类表现维持稳定增长 休闲类和海外市场为主要增长动力：分产品来看，运动类/休闲类/内衣类/其他分别录得 +9.9%/+37.4%/+4.1%/+6.0%的变化。运动类的增长主要受益于美国和欧洲市场的带动，休闲类的表现则 受益于日本，欧洲及其他市场需求的上升 ...

休闲类和海外市场为主要增长动力：分产品来看，运动类/休闲类/内衣类/其他分别录得 +9.9%/+37.4%/+4.1%/+6.0%的变化。运动类的增长主要受益于美国和欧洲市场的带动，休闲类的表现则 受益于日本，欧洲及其他市场需求的上升。从地区分布来看，欧洲/美国/日本/其他区域/国内市场分别 录得+19.9%/+35.8%/+18.1%/+18.7%/-2.1%的变化。耐克/爱迪达/优衣库/彪马的增长分别为 +6.0%/+28.2%/+27.4%/+14.7%;其占比的总和为82.1%(增加2.7pct)。集团的增长是优于客户财报的表现， 证明集团的竞争优势能说明其在客户市场份额的提升。 其他要点 2025年上半年业绩概况 公司收入同比增长15.3%至149.7亿元人民币(同下)。量价拆分来看，量是主要的增长动力，价格(美元 计)约下跌0.8%，(人民币计)是有轻微提升。毛利率下跌1.9pct至27.1%，主要受员工薪酬于去年下半年 有所提升的影响。经营费用率减少0.3pct到9.1%。公司录得归母净利润增长8.4%到31.8亿元。总体收入 增长超预期。拟派中期股息1.38港币;派息维持稳定在60%。 运动类 ...

申洲国际 20250910 摘要 申洲国际通过纵向一体化模式，覆盖面料制造到成衣生产全环节，提升 盈利能力并快速响应客户需求，交付周期缩短至 45 天甚至 15 天，增强 供应稳定性，尤其在危机时期表现突出。该模式通过降低品牌商成本、 提高内部效率和面料利润留存，显著提升产品附加值，但因准入条件和 客户利益冲突，难以被竞争对手复制。 公司前瞻性地在东南亚布局产能，享受成本和税收优惠，分散风险，确 保交付稳定。此举应对了中国人力成本上涨，并顺应纺织制造业中心转 移趋势。2021-2023 年，受疫情和成本压力影响，公司盈利能力和资 产周转率下降，但 2024 年随行业补库和产能扩张，盈利能力和资产周 转率有望修复。 申洲国际与 Nike、优衣库等头部品牌深度合作，共同研发创新面料，提 升产品附加值和盈利能力。与优质客户的合作不仅基于价格，更看重交 期和质量，形成双赢局面，加速收入和利润增长。2012-2020 年间， 公司凭借产能优势和优质客户支持，保持稳定高水平运营。 2021 年至 2023 年，申洲国际面临库存积压和疫情管控等挑战，导致 LV 中枢下降，净利润下滑，资产周转率创新低。海外市场停工和成本压 ...

证券研究报告 | 2025年09月10日 纺织服装 9 月投资策略暨中报总结 优于大市 制造板块中期业绩韧性强，运动板块领跑服饰消费 行情回顾：8 月 A 股纺服板块走势略弱于大盘，9 月以来表现稳健，其中品 牌服饰表现优于纺织制造，9 月以来分别+0.8%/+0.0%；港股纺服指数 8 月上 涨 5.5%好于大盘，9 月以来小幅回落。重点关注公司中 9 月以来涨幅领先的 包括：天虹国际(6.0%)/开润股份(4.9%)/华利集团(4.7%)/波司登(4.5%)。 品牌服饰观点：1）社零：7 月服装社零同比增长 1.8%，增速环比轻微放缓， 较上月回落 0.1 百分点。2）电商：7 月电商增速环比回升明显，运动户外增 长保持领先，运动服饰/户外服饰/休闲服饰/家纺/个护分别+11%/+26%/ +2%/+10%/0%。运动服饰多数品牌出现双位数上升，增速领先的品牌包括迪 桑特(63%)/彪马(41%)/露露乐蒙(39%)；户外服饰整体涨势明显，凯乐石 (137%)/可隆(117%)/始祖鸟(113%)增速领先；休闲服饰品牌分化，江南布衣 (50%)/哈吉斯(40%)相对强劲；家纺增速领先的品牌包括亚朵星球(8 ...

Core Insights - The company reported a revenue of 15 billion with a year-on-year growth of 15% and a net profit of 3.177 billion, reflecting an 8.39% increase [1] - The sports segment generated 10.1 billion in revenue, up 10%, driven by increased demand in Europe and the US [1] - The leisure segment saw a significant revenue increase of 37% to 3.8 billion, mainly due to demand in Japan and Europe [1] - The lingerie segment achieved 900 million in revenue, growing by 4%, supported by sales in Japan and Europe [1] - The gross profit margin decreased by 1.9 percentage points to 27%, primarily due to increased labor costs from employee salary hikes [1] Production Expansion - The company is expanding its production capacity overseas, with a second fabric factory in Vietnam nearing completion and expected to start production by the end of the year [1] - A new garment factory in Cambodia began operations in March 2025, employing around 4,000 workers, with plans for further production scale increases [1][2] - Domestically, the company is upgrading its existing production facilities, including a new weaving factory in Ningbo and renovations in the garment factory [2] Internal Control and Management - The company is enhancing its internal control systems and optimizing management processes to support global operations [2] - Efforts include standardizing control processes, increasing automation in business reviews, and strengthening procurement controls [2] - The company values long-term relationships with suppliers and is improving supplier evaluation and entry processes to ensure a fair operating environment [2] Financial Forecast Adjustments - Due to tariff uncertainties, the company adjusted its revenue forecasts for 2025-2027 to 31.9 billion, 35.5 billion, and 39 billion, respectively [2] - The net profit estimates for the same period are revised to 6.6 billion, 7.3 billion, and 8 billion [2] - Earnings per share (EPS) projections are adjusted to 4.37, 4.83, and 5.31 [2]

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 19x, and 12x [11][40]. Core Insights - Lululemon's FY2025Q2 revenue grew by 7% year-on-year to $2.5 billion, which was below the company's expectations, primarily due to weak performance in the U.S. market [1][16]. - The report highlights a continued recovery in the consumer environment for apparel, with a focus on the long-term growth potential of the sports footwear and apparel segment [3][24]. - The report emphasizes the importance of product differentiation and brand strength in the jewelry sector, predicting that companies with clear product differentiation will outperform the industry in 2025 [4][24]. Summary by Sections Lululemon's Performance - Lululemon's Q2 revenue was $2.5 billion, with a 7% year-on-year increase, and a 6% increase on a currency-neutral basis. The Americas segment saw a 1% increase, while international revenue grew by 22% [1][16]. - The gross profit increased by 5% to $1.5 billion, but the gross margin decreased by 1.1 percentage points to 58.5% [1][16]. - The company adjusted its FY2025 revenue growth forecast to 2%-4%, with a potential 4%-6% growth on a comparable 52-week basis [1][16]. Regional Analysis - In the U.S., Q2 revenue was flat, with a 1% increase in the Americas segment. The company noted that consumer response to new product colors was below expectations, indicating a potential issue with product lifecycle [20]. - In China, Q2 revenue grew by 24%, driven by the opening of five new stores and various brand-building activities. The company expects a 20%-25% revenue growth in FY2025 for the Chinese market [20][21]. Apparel and Footwear Sector - The report indicates that the sports footwear segment is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][24]. - Key recommendations include Anta Sports, Li Ning, and Xtep International, which are expected to show strong performance due to their operational capabilities and market positioning [27][40]. Jewelry Sector - The report notes that the jewelry market is facing weak demand, with gold jewelry consumption down 27% and 24% in Q1 and Q2, respectively. Companies with strong product and brand capabilities are expected to perform better [39][24]. Manufacturing Sector - The textile manufacturing sector is experiencing changes due to new tariff policies, which may impact profit expectations for 2025-2026. Companies with integrated and international supply chains are expected to gain market share [8][25]. - Recommendations include Shenzhou International and Huayi Group, which are seen as having strong performance and competitive advantages [25][40].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 15 billion RMB for the first half of 2025, representing a year-on-year growth of 15%, and a net profit of 3.177 billion RMB, which is an increase of 8.39% compared to the previous year [1]. - The growth in revenue is attributed to increased demand for sportswear in Europe and the United States, with sportswear sales reaching 10.1 billion RMB, a 10% increase year-on-year. Casual wear saw a significant increase of 37%, reaching 3.8 billion RMB, driven by demand in Japan and Europe [1]. - The company is expanding its production capacity both domestically and internationally, with a new fabric factory in Vietnam nearing completion and a garment factory in Cambodia that began production in March 2025 [2]. - The company is also upgrading its existing domestic production facilities, including a new weaving factory in Ningbo and renovations in its garment factory [2]. - The company is enhancing its internal control systems and optimizing management processes to support its global operations, focusing on standardizing control processes and improving procurement controls [3]. - The revenue forecasts for 2025 to 2027 have been adjusted to 31.9 billion RMB, 35.5 billion RMB, and 39 billion RMB respectively, with net profits projected at 6.6 billion RMB, 7.3 billion RMB, and 8 billion RMB [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 15 billion RMB, a 15% increase year-on-year, and a net profit of 3.177 billion RMB, an 8.39% increase [1]. Product Segmentation - Sportswear revenue was 10.1 billion RMB, up 10% year-on-year; casual wear revenue was 3.8 billion RMB, up 37%; underwear revenue was 900 million RMB, up 4%; and other knitted products generated 100 million RMB, up 6% [1]. Production Capacity Expansion - The company is making significant investments in expanding production capacity in Vietnam and Cambodia, with new factories expected to enhance production efficiency [2]. Internal Control and Management - The company is focusing on improving internal controls and management processes to enhance operational efficiency and supplier relationships [3]. Earnings Forecast - Adjusted revenue and net profit forecasts for 2025-2027 reflect a cautious outlook due to tariff uncertainties, with expected revenues of 31.9 billion RMB, 35.5 billion RMB, and 39 billion RMB, and net profits of 6.6 billion RMB, 7.3 billion RMB, and 8 billion RMB respectively [4].

Group 1 - The Hong Kong stock market experienced a slight rebound after three consecutive days of decline, with the Hang Seng Index rising 0.35% to 25,145 points and the Hang Seng Tech Index increasing 0.52% to 5,608 points [1] - The textile and apparel sector showed overall strength, with notable gains from companies such as Li Ning (up over 3.5%), Anta Sports, and others [1] - The State Council issued an opinion aimed at enhancing sports consumption potential and promoting high-quality development in the sports industry, targeting a total scale exceeding 7 trillion yuan by 2030 [1] Group 2 - Goldman Sachs raised its target price for Hong Kong Exchanges and Clearing (HKEX) from 509 HKD to 524 HKD, maintaining a "Buy" rating, reflecting confidence in the company's strategic direction and long-term growth potential [2] - Despite a recent weak performance in the Hong Kong stock market, analysts believe that the market remains undervalued globally, with significant inflows from southbound funds exceeding 112.1 billion HKD in August [2] - Analysts from Guotai Junan Securities (Hong Kong) and Guoyuan Hong Kong express optimism about the structural opportunities in the Hong Kong market, particularly in the technology, consumer, and pharmaceutical sectors [2]

Group 1 - The report highlights that SAIC Motor Corporation achieved a total revenue of 299.59 billion yuan in H1 2025, representing a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% [4][5] - The company reported a significant increase in non-recurring net profit, which reached 5.43 billion yuan, up 432.2% year-on-year, indicating strong operational performance despite challenges [4][5] - The sales volume of SAIC Motor's vehicles in H1 2025 was 2.053 million units, an increase of 12.4% year-on-year, with a notable 40.2% increase in new energy vehicle sales [5][6] Group 2 - Shenzhou Taiyue's H1 2025 revenue was 2.685 billion yuan, down 12.05% year-on-year, with a net profit of 509 million yuan, reflecting a decline of 19.26% [11][12] - The gaming segment contributed 75.53% of total revenue, with a significant drop in revenue from major titles, indicating a need for new product launches to drive growth [12][13] - The company is expected to enter a three-year product cycle from 2025 to 2027, with multiple new games set to launch, which could enhance revenue streams [12][14] Group 3 - Lemon Film's H1 2025 revenue reached 401 million yuan, a remarkable increase of 108.5% year-on-year, with a net profit of 10.82 million yuan, compared to a loss in the previous year [17][18] - The growth was driven by overseas distribution and short drama business expansion, alongside effective cost control measures [18][19] - The company is positioned as a leader in the long drama industry, with strong content production capabilities and a focus on overseas and short drama markets [21][22] Group 4 - Jinshi Resources reported a revenue of 1.726 billion yuan in H1 2025, a year-on-year increase of 54.24%, primarily due to the release of production capacity in fluorochemical products [23][24] - The company faced a net profit decline of 24.74% due to operational challenges and increased costs associated with mining projects [24][25] - The strategic shift towards global resource integration is expected to yield long-term benefits, with projected revenues of 3.727 billion yuan in 2025 [27][28] Group 5 - Zhongke Chuangda's H1 2025 revenue was 3.299 billion yuan, up 37.44% year-on-year, with a net profit of 158 million yuan, reflecting a growth of 51.84% [29][30] - The smart IoT business saw a remarkable growth of 136%, becoming the fastest-growing segment, while the smart automotive and software businesses maintained steady expansion [30][31] - The company is expected to continue leading in the edge AI sector, with projected revenues of 6.533 billion yuan by 2027 [35] Group 6 - Sound Group Inc. achieved a total revenue of 1.358 billion yuan in H1 2025, a 46.9% increase year-on-year, with a net profit of 68 million yuan, marking a turnaround from losses [39][42] - The audio entertainment segment remains the core revenue driver, while AI-related services are expected to enhance growth potential [39][40] - The company is focusing on user engagement and content creation to improve monetization and user retention [41][42] Group 7 - Beautiful Field Medical Health reported a revenue of 1.459 billion yuan in H1 2025, a 28.2% increase year-on-year, with a net profit of 171 million yuan, reflecting a growth of 35.5% [44][45] - The growth was driven by an increase in active members and the expansion of health services, particularly in the sub-health sector [45][46] - The company is expected to maintain a strong growth trajectory, with projected revenues of 3 billion yuan by 2027 [46]

Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Insights - The company achieved a sales revenue of 14.966 billion RMB in H1 2025, representing a year-on-year growth of 15.3%, with a net profit of 3.177 billion RMB, up 8.4% year-on-year [5][7] - The growth in revenue is primarily driven by product diversification and the expansion of overseas production capacity [7][10] - The gross margin decreased to 27.1%, down 1.9 percentage points year-on-year, mainly due to rising labor costs [5][7] Financial Performance - The company's earnings per share (EPS) for H1 2025 was 2.11 RMB, reflecting an 8.2% increase year-on-year [5][7] - The revenue breakdown shows that the sports category generated 10.129 billion RMB (67.7% of total revenue), the leisure category 3.792 billion RMB (25.3%), and the underwear category 0.94 billion RMB (6.3%) [7] - Revenue from key regions includes Europe at 3.029 billion RMB (20.2%), the US at 2.555 billion RMB (17.1%), and Japan at 2.499 billion RMB (16.7%) [7] Future Projections - The company is expected to achieve revenues of 32.039 billion RMB, 35.386 billion RMB, and 38.571 billion RMB for the years 2025, 2026, and 2027 respectively, with growth rates of 12%, 10%, and 9% [9][10] - The projected net profit for the same years is 6.587 billion RMB, 7.323 billion RMB, and 7.996 billion RMB, with growth rates of 6%, 11%, and 9% respectively [9][10] Market Position - The company's four core customers accounted for 82.1% of total revenue, indicating a strong market position and stable order growth [7][8] - The company is well-positioned for future growth due to its brand client expansion and integrated domestic and overseas production capacity [10]